This isn’t a full fact find, MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
Has a letter from Cabot Financial Debt Collectors landed on your doorstep? Are you feeling unsure and have questions about this debt? Don’t worry; this guide is here to help.
Every month, over 170,000 people visit our website for advice on situations just like yours. We understand it can be confusing, and you might be asking yourself: where has this debt come from? Should I pay it? Is this even real? What if I can’t afford to pay?
In this article, we’ll help you understand:
Who Cabot Financial Debt Collectors are and what they do.
How you can confirm if the debt is yours.
The steps to take if Cabot Financial Debt Collectors contact you.
Possible ways to pay or even write off your debt.
What you can do if you are unable to afford the payment.
Our team has personal experience with debt collectors, so we know how troubling it can be. But remember, you’re not alone in this.
Ready to learn more about how to handle this situation? Let’s get started!
Why Is Cabot Credit Management Group Contacting Me?
Cabot Financial will be contacting you because they think that you owe money to their client or have bought your debt. They are starting the debt recovery process with a letter or email.
They will let you know by sending an LBA. This is a Letter Before Action to tell you to pay, make arrangements to pay or face further action.
If you cannot afford to pay and you’re certain the debt is yours you can prevent any further action by entering into one of the UK’s several debt solutions.
Fill out the 5 step form to find out more.
Could you write off some Cabot Debt Collectors debt?
This isn’t a full fact find, MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.
There are two ways to see if you really do owe money:
Use Credit Reference Agencies
You can use credit referencing agencies like Experian to see if any business has stated you owe them money.
Send a prove the Debt Letter
But the better way to check, buy yourself time and maybe avoid having to pay Cabot Financial a penny is to send a prove the debt letter.
What’s this? Read on!
How Should I Reply to Cabot Debt Collectors?
Debt verification is your first step when dealing with debt collection agencies.
You can ask Cabot Financial to provide proof you owe the money and that means they might have to go back to the company they purchased the debt from and get a signed agreement that you defaulted on.
That’s not easy and it could take time and maybe isn’t available.
Without providing you with proof you never have to pay, unless ordered by a judge. That is why you should keep a copy of your letter and show it to the judge in the event that they take you to court.
The judge should see that Cabot Financial has failed to provide proof you owe the debt and you will not have to pay.
You should send this letter no matter what because it can give you some breathing space to think. We can help you write the letter with our free prove-it templates.
The only time you do not need to send this letter is when the debt has become too old to be collected. Take a look at what this forum user has experienced:
Mickymac101 has a really old debt that Cabot Financial is trying to recover. But it looks like the debt is unenforceable due to being more than six years old.
If you are in this situation, you can use our statute-barred guide instead and send a different type of response.
What Can I Do If Cabot Financial Prove My Debt?
The hope is that once you send a letter asking for proof that you will never hear from Cabot Financial again.
But around one month later, Cabot Financial could send you the evidence that makes you responsible for paying. Ignoring this proof could mean legal action, so it is best to come to some type of arrangement to pay.
They will accept a repayment plan to clear the balance of the debt over many months, sometimes even years. Agreeing to this is just like agreeing to other credit commitments. It is serious!
Keep in mind that you need to get a repayment plan agreement in writing from them before you make your first payment. This will help keep your personal records updated and make it impossible for Cabot Financial to challenge you again in the future – just make sure that you stick to your agreed payments!
How Can I Pay Cabot Financial Debt Collectors?
Cabot Financial have an online payment portal which you can make one-off payments or even pay your scheduled plan. This is protected with your personal password. They allow for payment to be made over the phone if that is something that you prefer.
The Cabot website allows you to access your debt account at any time. This account tells you how much has been paid off and any other important information about your debt account with Cabot Financial Europe Limited.
‘Customers’ can also make payments to your plan directly from your bank account with a bank transfer, postal order, standing order, direct debit or recurring payment, but you will need your reference number to hand when setting it up.
They do not accept credit cards at the time of writing but this may change.
The score on your credit file should improve once the debt has been paid back or your payment plan has finished.
What do I do if Cabot Financial tries to collect a debt that I don’t owe?
If you think that Cabot Financial is trying to collect a debt that you don’t owe, I recommend getting some advice on disputing a debt in your specific circumstances. I have linked some debt charities above and at the bottom of this page that will be able to give you free and specific advice on dealing with this situation.
You may need to contact Cabot Financial and explain your reasoning as to why you don’t owe them the money they claim. I have some free sample letter templates that you can use to help you get your point across.
From my experience, there are a couple of reasons why you won’t owe a debt that come up time and time again.
It’s too old: unsecured debts become statute-barred 6 years after you last made payment or wrote to your creditor about it (5 years in Scotland). After this window, there is no legal avenue for your creditors to pursue to collect it.
Wrong person: debt might be taken out illegally in your name without you knowing. A debt collection company must prove that you owe the debt before you are forced to pay.
Wrong address: everyone has forgotten to update their contact details after moving house at least once! If you think that the debt collection agency has sent their communications to the wrong address, tell them!
Are there any Cabot Financial Scams?
Many people are unclear if Cabot Financial is a scam or a legitimate business because they have never heard of them. Cabot Financial is FCA-authorised and a member of the Credit Services Association (CSA).
It is possible that Cabot Financial, despite its legal status, will engage in unethical behaviour. This could be sending threatening letters, calling at all times of the day, or even showing up at your door. I’ll outline in more detail below about how you can stop this from happening.
They provide a thorough complaints procedure on their website if you want to file a grievance against them. You can also take your complaint to the ombudsman if it still needs to be resolved.
Does Cabot Financial Take You to Court?
Yes. If you do not reply to their letter or make arrangements to pay, Cabot could decide to take legal action.
They will ask a county court judge to issue a court order which makes you legally responsible to pay. If you still refuse to pay, they could escalate your debt recovery to bailiffs. When they contact you it’s important to respond, otherwise, they could take court action.
Can Cabot Financial send bailiffs?
Ignoring Cabot Financial might be the easy choice, but it is not a smart one. By not replying you are increasing your chances of being taken to court.
If they do take you to court and win the case, and then you persistently refuse to pay or make a repayment agreement, they could seek to use bailiffs.
What If I Can’t Afford to Pay?
If you can’t afford to pay back your debt even with a repayment plan, you may need to consider a debt solution. Keep in mind that most debt solutions are only applicable to unsecured debts.
It is very important that you speak to a specialist who can help you work out which debt solution is best for you. These companies all offer free financial advice and debt counselling services:
You can get an IVA if you owe several thousand of pounds to two or more creditors. Once approved, your IVA will usually last for 5 or 6 years and each month you will pay an agreed sum that is distributed amongst your creditors.
One of the major benefits of an IVA is that your creditors can’t contact you during, or after it. The other great thing about an IVA is that any outstanding debts are written off at the end of your IVA period.
Trust Deed
IVAs are not available in Scotland. Instead, there is a Trust Deed agreement.
These work in the same way as an IVA in that you make monthly payments that are distributed amongst your creditors. Your creditors can’t contact you while your Trust Deed is on going and any remaining debts are written off at the end.
Debt Relief Order (DRO)
If you owe money but have very little income and own nothing of great financial value, you may be eligible for a DRO.
Once your DRO application is accepted, you stop making payments towards your debts and your creditors must freeze your interest. This lasts for 12 months and your creditors can’t contact you during this time.
After 12 months, your financial situation is assessed and if it isn’t better, your outstanding debts may be written off.
Bankruptcy
Bankruptcy has a negative reputation but it is often your only way of getting a financial fresh start.
Once your application is approved, your bankruptcy period starts and usually lasts 12 months. You may find that you have to sell your home or your car as part of your bankruptcy agreement.
Once you have finished your bankruptcy period, any outstanding debts could be written off.
If you don’t own anything of significant value, you may be eligible for a minimal asset process (MAP) instead. This is more straightforward than sequestration and only lasts for 6 months.
Is There a Way to Write Off My Cabot Financial Account Balance?
Cabot Financial and any other debt collection agency will not wipe off your debts voluntarily.
The best chance of not having to pay is if your debt is six years old, as explained in the statute-barred guide we linked to earlier.
One of your rights as a debtor is to make clear how and when you want to be contacted.
If Cabot Financial is calling you frequently and you are feeling harassed, you should write to them and explain you would like to be contacted at a certain time of the day only.
You can even request no calls at all and state that all correspondence must be through the mail.
If they do not stick to your preferences, you could make an official complaint. We will teach you how to make a complaint further down our guide.
What Can I do about Cabot Harassment?
There are actions you can take if you are subjected to Cabot harassment. Debt collectors like Cabot Financial are obligated to treat you fairly, with dignity and with respect regardless of how much money you owe. You might be wondering what is deemed as harassment, so if Cabot Financial have ever done any of the following things, they very well might be harassing you:
Calling at unreasonable times, such as very early in the morning or late at night.
Calling your workplace or speaking to anyone other than you (or anyone you’ve given permission to speak to) about your debt.
Threaten you with violence or harm
Use obscene or profane language
Call you repeatedly
As you can see, the user of Money Saving Expert above was harassed on New Year’s Eve with two phone calls in one minute! It can be extremely stressful receiving these phone calls and threats. However, you don’t have to put up with this.
It’s easy to lose track of debts, especially since the debt collection industry isn’t exactly transparent.
One important thing to look out for is your debts being passed to other collectors.
Sometimes, a debt collector will deem a particular debt not worth chasing, and they may sell the debt to another agency. It’s surprisingly common.
The story above is a great example where PRA Group Inc. decided a debt was no longer worth their time, so they sold it to Moorcroft Debt Recovery.
Two of the biggest names in the industry areLowell UK and Cabot Finance, so they’re the ones you are most likely to see if it does happen to you.
I’d suggest you keep a keen eye out in your post and email for any indication that your debt has been transferred.
It’s easy to miss, especially if you’ve been used to seeing messages from one specific collector.
Cabot Financial FAQs
Who owns Cabot Financial?
Cabot Financial is registered in England and Wales and a part of Credit Management Group Limited but owned by Encore Capital Group, the largest debt buyer in the USA.
They are connected to similar companies like Wescot and Orbit and Marlin Limited based at Marlin House, 16-22, Grafton Road, Worthing, West Sussex, BN11 1QP.
Is Cabot a debt management agency?
No. Cabot are not a debt management agency. They are a debt collection agency registered with the FCA meaning they are legally allowed to chase you for debt owed.Ye
Are Cabot Financial regulated by the FCA?
Cabot Financial Limited is regulated by the Financial Conduct Authority (FCA). Its FCA registration number is 743525. This debt collection agency is also a member of the Credit Services Association.
What happens if I ignore Cabot?
If you continue to ignore attempts of contact from Cabot financial then your debt situation may be escalated to a court and a county court judgement.
What happens if I ignore a legal letter from Cabot Financial?
If Cabot Financial decide to take you to court, they will send you a letter and you should also receive a notification about the court date to attend. If you do not attend the hearing, you will not be able to defend yourself – such as showing you asked for proof of the debt and they never replied – and thus, Cabot Financial could win a court order that forces the people they are chasing to pay.
Are Cabot Financial bailiffs?
Cabot Credit Management is not a team of bailiffs. Debt collection companies can only pay bailiffs to come to your home if you ignore a court order that makes you pay. If you do not pay, they may use bailiffs, request a charging order if you own property, or they may request to get your salary before it comes into your bank account.
Can Cabot Financial come to your home?
Cabot Financial staff could come to your door and ask to talk about the money owed and if you can agree on a repayment plan. But no Cabot Financial or any other debt collection agency has a right to be on your property or inside your home. You can always discuss a payment plan through writing or over the phone. Cabot Financial staff must leave if you request them to do so because they are not a bailiff company with a court order.
Do Cabot accept settlement offers?
Yes. If you cannot afford to pay the entirety of the sum owed to cabot you may ask them if they would accept a settlement offer. Chances are is that they bought the debt at a fraction of the price so they may accept settlement but it would stay on your credit history.
Will a Cabot Financial balance ever be too old to collect?
Yes. The money you owe to Cabot Financial becomes too old for collection when it has never received a county court order and it is at least six years old.
How can I contact Cabot Financial?
You should email or call Cabot Financial Debt Collection to discuss any matters relating to your debt account unless you are sending a prove the debt letter, contact preference request or a statute-barred letter. Their phone number is 0344 556 0263. It is much easier for ‘customers’ to contact Cabot Financial compared to other debt collection groups.
People needing to write to them should address letters to 1 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4UA.
How do I make a Cabot Financial payment?
You can make a payment to Cabot Financial using their online portal. Their accepted payments: bank transfer, debit card, online banking, PayPoint cheque, standing order, direct debit, credit card, online banking, credit cards and much more.
What Debt Collection Company Support Is Available?
You can get free debt advice and help from UK charities like Step Change UK and National Debtline. Fight back against Cabot Financial with this free expert help!
How can I complain to Cabot Financial?
Complaint lines are open from 8 am – 5 pm Monday to Friday on 0345 849 8891* or you can email them at complaints@cabotfinancial.com
*03 numbers are charged at a local rate from landlines and mobiles.
MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.
Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.
Beat Cabot Financial Debt Collectors 